ORGANISASI PERDAGANGAN DUNIA. Negosiasi negosiasi. Berbicara dengan peraturan perdagangan memerlukan persetujuan semua anggota WTO, yang harus mencapai konsensus melalui putaran perundingan. Putaran paling akhir Agenda Pembangunan Doha dimulai pada tahun 2001. Pelaporan dan pemantauan. Beragam dewan dan komite WTO Berusaha untuk memastikan bahwa kesepakatan WTO telah dilaksanakan dengan benar Semua anggota WTO menjalani pemeriksaan menyeluruh atas kebijakan dan praktik perdagangan mereka. Permukiman yang benar. Anggota WTO membawa perselisihan kepada WTO jika mereka menganggap hak mereka berdasarkan perjanjian perdagangan dilanggar. Penyelesaian perselisihan adalah tanggung jawab Badan Penyelesaian Sengketa. Membangun kapasitas perdagangan. WTO bertujuan untuk membantu negara-negara berkembang membangun kapasitas perdagangan mereka dan memungkinkan mereka waktu yang lebih lama untuk melaksanakan kesepakatan perdagangan Ratusan kursus pelatihan diselenggarakan setiap tahun untuk pejabat dari negara-negara berkembang. 20, 2012 Kommentare deaktoranert Fr Insider trading 9 11 fakta terbentang. AN ASIA TIMES ONLINE EXCLU BERSYARAT INVESTIGASI Tidak ada pertengkaran bahwa perdagangan spekulatif dalam menempatkan opsi di mana taruhan partai bahwa saham akan turun dengan tiba-tiba dalam nilai yang melonjak pada hari-hari sekitar 11 September 2001 bahkan jika Komisi Sekuritas dan Bursa AS dan Komisi 9 11 tidak akan mengatakan Jadi Lebih dari beberapa orang pasti mendapat peringatan lebih awal atas serangan teror tersebut, dan mereka menguangkan jutaan dolar. Artikel berikut diterbitkan pertama kali di Asia Times Online. Ada kebenaran dalam tuduhan bahwa kalangan informasi Membuat keuntungan besar di pasar keuangan sehubungan dengan serangan teror 11 September 2001 di Amerika Serikat. Mungkin, tempat terbaik untuk memulai adalah dengan memeriksa opsi put, yang terjadi sekitar hari Selasa, 11 September 2001, ke yang tidak normal Luasnya, dan pada awalnya melalui perangkat lunak yang memainkan peran kunci Sistem Informasi Manajemen Jaksa Penuntut, disingkat PROMIS i. PROMIS adalah program perangkat lunak yang sepertinya dilengkapi dengan hampir orang majus Kemampuan kal Lebih jauh, ini adalah masalah perselisihan selama bertahun-tahun antara penemunya, Bill Hamilton, dan berbagai institusi yang terkait dengan badan intelijen, firma konsultasi militer dan keamanan 1. Salah satu kemampuan magis PROMIS, kita harus berasumsi, Adalah bahwa ia dilengkapi dengan kecerdasan buatan dan ternyata sejak awal dapat secara simultan membaca dan mengintegrasikan sejumlah program komputer atau database yang berbeda, terlepas dari bahasa di mana program asli telah ditulis atau sistem operasi dan platform di mana itu Database kemudian terinstal 2.And kemudian menjadi sangat menarik. Apa yang akan Anda lakukan jika Anda memiliki perangkat lunak yang bisa berpikir, memahami setiap bahasa utama di dunia, yang menyediakan lubang pengintip ke dalam ruang ganti komputer orang lain, yang bisa disisipkan. Data ke komputer tanpa pengetahuan orang, yang bisa mengisi kekosongan di luar penalaran manusia, dan juga memprediksi orang apa Lakukan sebelum mereka melakukannya Anda mungkin akan menggunakannya, bukankah Anda 3.Granted, kemampuan ini terdengar tidak dapat dipercaya Sebenarnya, keseluruhan cerita PROMIS, yang dikembangkan Mike Ruppert dalam perjalanan bukunya Crossing the Rubicon dalam semua aspek anehnya. Dan ternyata, seolah-olah seseorang telah mengembangkan sebuah novel dengan gaya Philip K Dick dan William Gibson Namun, apa yang dikumpulkan Ruppert tentang PROMIS didasarkan pada sumber yang memiliki reputasi baik dan juga pada hasil penyelidikan pribadi, yang menunggu dewan juri untuk mengambil Pandangan kritis pertama. Tampaknya ini semua semakin mendesak jika Anda menambahkan kapabilitas PROMIS bahwa PROMIS digunakan untuk berbagai tujuan oleh badan intelijen, termasuk pemantauan transaksi saham secara real-time di seluruh dunia. S utama pasar keuangan 4.We karena itu kita berurusan dengan perangkat lunak yang Infiltrat komputer dan sistem komunikasi tanpa diketahui b Dapat memanipulasi data c Apakah mampu untuk melacak perdagangan saham global pasar di r Eal time. Point c relevan dengan semua yang terjadi sehubungan dengan transaksi yang tidak pernah selesai sepenuhnya yang terjadi tepat sebelum 11 September, 5 dan yang mantan ketua Deutsche Bundesbank Ernst Weltke mengatakan tidak dapat direncanakan dan dilaksanakan tanpa Sebuah pengetahuan tertentu 6. Secara khusus saya bertanya kepada jurnalis keuangan Max Keizer, yang selama bertahun-tahun telah bekerja di Wall Street sebagai pedagang saham dan opsi, tentang opsi opsi put Keizer menunjukkan dalam konteks ini bahwa dia telah berbicara dengan banyak broker di menara World Trade Center sekitar waktu itu saya mendengar secara langsung tentang maskapai tersebut yang melakukan perdagangan dari pialang di Cantor Fitzgerald beberapa hari sebelum Dia kemudian berbicara dengan saya tentang sebuah isu eksplosif, di mana Ruppert menjelaskan secara terperinci di Crossing the Rubicon. Max Keizer Ada banyak aspek mengenai Opsi pembelian ini yang belum diungkapkan namun saya juga bekerja di Alex Brown Sons ABS Deutsche Bank membeli Alex Brown Sons pada tahun 1999 Ketika serangan tersebut terjadi D, ABS dimiliki oleh Deutsche Bank Orang penting di ABS adalah Buzzy Krongard Saya telah bertemu dengannya beberapa kali di kantor di Baltimore Krongard telah dipindahkan untuk menjadi direktur eksekutif di CIA Pembelian opsi, di mana ABS terlibat, terjadi di Kantor ABS di Baltimore Kebisingan yang terjadi antara Baltimore, New York City dan Langley menarik, seperti yang dapat Anda bayangkan, untuk sedikitnya. Berikut pertimbangannya di sini adalah kenyataan bahwa Alex Brown, anak perusahaan Deutsche Bank di mana banyak dari mereka yang dituduh 9 11 pembajak menangani transaksi perbankan mereka misalnya Mohammed Atta menukar sejumlah besar pilihan pembelian di United Airlines Company UAL melalui Chicago Board Option Exchange CBOE untuk mempermalukan para penyidik, seperti surat kabar Inggris The Independent melaporkan 7. Pada tanggal 12 September, ketua Dewan Deutsche Bank Alex Brown, Mayo A Shattuck III, tiba-tiba dan diam-diam meninggalkan jabatannya, meski ia masih memiliki kontrak tiga tahun dengan tahunan. Gaji beberapa juta dolar AS Orang bisa merasakannya sebagai sesuatu yang aneh. Beberapa minggu kemudian, juru bicara pers CIA saat itu, Tom Crispell, menolak semua komentar, ketika dia dihubungi untuk sebuah laporan untuk situs web Ruppert. Dari Wilderness, dan ditanya apakah Departemen Keuangan atau Biro Investigasi Federal FBI telah menanyai direktur eksekutif CIA dan mantan chief executive CEO Deutsche Bank-Alex Brown, AB Buzzy Krongard, tentang pemantauan pasar keuangan oleh CIA dengan PROMIS dan mantannya Posisi sebagai pengawas hubungan klien pribadi Brown 8. Just sebelum dia direkrut secara pribadi oleh mantan kepala CIA George Tenet untuk CIA, Krongard mengawasi sebagian besar klien klien swasta di Alex Brown 9. Bagaimanapun juga, setelah 9 11 pada hari perdagangan pertama , Ketika pasar saham AS dibuka kembali, harga saham UAL turun 43. Empat pesawat yang dibajak pada 11 September adalah American Airlines Flight 11, Ameri Dapat penerbangan Flight 77 dan UAL 175 dan 93. Dengan latar belakangnya sebagai pedagang opsi sebelumnya, Keizer menjelaskan sebuah masalah penting bagi saya dalam hal itu. Opsi Keizer Put Op adalah, jika mereka bekerja dalam perdagangan spekulatif, pada dasarnya bertaruh bahwa saham Harga akan turun secara tiba-tiba Pembeli, yang memasuki kontrak khusus waktu dengan penjual, tidak harus memiliki saham pada saat kontrak dibeli. Sesuai dengan isu insider trading melalui opsi put atau call, ada juga Yang perlu dicatat oleh ekonom Swiss Remo Crameri, Marc Chesney dan Loriano Mancini, terutama bahwa perdagangan opsi dapat diidentifikasi sebagai informasi namun belum terbukti secara hukum bila ditandai oleh kenaikan besar yang tidak biasa dalam minat dan volume terbuka, menyebabkan kenaikan yang besar, Dan tidak dilindung nilai di pasar saham 10.Open interest menggambarkan kontrak yang belum diselesaikan pada akhir sesi perdagangan, namun masih terbuka Tidak dilindung nilai di pasar saham berarti tha Jika pembeli opsi put atau call tidak memiliki saham aset pokok, yang dengannya dia dapat mengurangi atau mengkompensasi kerugian jika perdagangannya tidak berhasil, atau diungkapkan secara berbeda, seseorang tidak melakukan lindung nilai, karena hal itu tidak perlu, karena Seseorang tahu bahwa taruhannya adalah satu, pengampunan, hal yang pasti. Dalam hal ini, hal itu tidak benar-benar taruhan, karena hasilnya tidak pasti, tapi sebuah kepastian. Dalam kasus ini, kendaraan perhitungannya sangat murah. Yang memberi pemegang hak untuk jangka waktu tertentu untuk menjual saham tertentu dengan harga yang jauh di bawah harga pasar saat ini yang merupakan taruhan yang sangat berisiko, karena Anda kehilangan uang jika pada saat jatuh tempo harga pasar masih lebih tinggi dari harga yang disepakati. Dalam pilihannya Namun, ketika saham-saham ini jatuh jauh lebih dalam setelah serangan teroris, opsi ini melipatgandakan nilainya beberapa ratus kali karena pada saat harga jual yang ditentukan dalam opsi jauh lebih tinggi daripada harga pasar Game berisiko ini. Pilihan singkat adalah indikasi pasti bagi investor yang mengetahui bahwa dalam beberapa hari akan terjadi sesuatu yang secara drastis akan mengurangi harga pasar saham tersebut 11. Perangkat lunak seperti PROMIS pada gilirannya digunakan dengan maksud yang tepat untuk memantau pasar saham secara nyata. Waktu untuk melacak pergerakan harga yang tampak mencurigakan. Oleh karena itu, dinas intelijen AS harus telah menerima peringatan yang jelas dari transaksi tunggal yang tidak pernah ada sebelumnya sebelum pukul 11. Terlalu penting berkaitan dengan lintasan, yang seharusnya mengarah pada pelaku jika Anda berada Serius mempertimbangkan untuk mengejar mereka, apakah ini. Max Keizer The Option Clearing Corporation memiliki tugas untuk menangani transaksi, dan sebaliknya melakukan anonim sedangkan bank yang melakukan transaksi sebagai broker dapat menentukan identitas kedua belah pihak. Tapi mungkin itu Hampir tidak pernah menjadi niat otoritas pengatur saat jalur tersebut mengarah ke, antara lain, Alvin Bernard Buzzy Krongard, Alex Brown Sons and t Namun, CIA Ruppert menjelaskan kasus ini di Crossing the Rubicon sepanjang panjangnya. Selain itu, ada juga cara dan sarana bagi orang dalam untuk menutupi jejak mereka. Agar tidak terlalu mencolok, orang dalam dapat menukarkan angka-angka kecil. Kontrak Ini dapat diperdagangkan dengan banyak akun agar tidak menarik perhatian pada volume perdagangan yang besar melalui satu akun besar tunggal. Mereka juga dapat menukar volume kecil di setiap kontrak namun memperdagangkan lebih banyak kontrak untuk menghindari menarik perhatian. Karena kenaikan bunga terbuka, orang-orang yang tidak berkepentingan dapat mendeteksi Sinyal yang dirasakan dan meningkatkan aktivitas perdagangan mereka Orang dalam kemudian dapat kembali untuk melakukan transaksi lebih berdasarkan sinyal perdagangan yang tampaknya signifikan dari pasar. Dalam hal ini, akan sulit bagi CBOE untuk menemukan orang dalam dari orang dalam, Karena keduanya trading berat 13. Hal yang perlu klarifikasi disini pada umumnya dinilai oleh Keizer sebagai berikut. Max Keizer Pikiran saya adalah bahwa banyak tidak semua Mereka yang meninggal pada tanggal 9 11 adalah tentara bayaran keuangan dan kita harus merasakan hal yang sama tentang mereka seperti yang kita rasakan tentang semua tentara bayaran yang terbunuh. Tragedi tersebut adalah bahwa perusahaan-perusahaan ini mencampuradukan warga sipil dengan tentara bayaran, dan bahwa mereka juga terbunuh Begitu juga perusahaan-perusahaan di Wall Street yang digunakan Warga sipil sebagai perisai manusia mungkin. Menurut sebuah laporan Bloomberg yang dipublikasikan pada awal Oktober 2001, Komisi Sekuritas dan Bursa AS SEC mulai melakukan penyelidikan terhadap transaksi pasar saham tertentu sekitar 9 11 yang mencakup 38 perusahaan, di antaranya American Airlines, United Airlines, Continental Airlines, Northwest Airlines, Southwest Airlines, Boeing, Lockheed Martin Corp American Express Corp American International Group, AXA SA, Bank of America Corp Bank of New York Corp Bear Stearns, Citigroup, Lehman Brothers Holdings Inc Morgan Stanley, General Motors dan Raytheon 14. Sejauh ini, begitu baik Di bulan yang sama, bagaimanapun, surat kabar San Francisco Chronicle melaporkan bahwa SEC mengambil langkah yang belum pernah terjadi sebelumnya untuk deputi Ratusan bahkan ribuan pemangku kepentingan utama di sektor swasta untuk penyelidikan mereka Dalam sebuah pernyataan yang dikirim ke hampir semua perusahaan publik di AS, SEC meminta perusahaan yang dialamatkan untuk memberi tugas kepada staf senior untuk penyelidikan, siapa yang akan sadar Sifat sensitif kasus ini dan dapat diandalkan untuk menerapkan kebijaksanaan yang tepat 15. Intinya, ini tentang mengendalikan informasi, bukan tentang penyediaan dan pengungkapan fakta. Tindakan semacam itu melibatkan konsekuensi kompromi Ruppert. What terjadi ketika Anda mewakili seseorang. Dalam keamanan nasional atau penyelidikan kriminal adalah bahwa Anda menjadikannya ilegal bagi mereka untuk mengungkapkan secara terbuka apa yang mereka ketahui Langkah cerdas Akibatnya, mereka menjadi agen pemerintah dan dikendalikan oleh peraturan pemerintah daripada hati nurani mereka sendiri Sebenarnya, mereka dapat dipenjarakan Tanpa pendengaran jika mereka berbicara di depan umum, saya telah melihat ancaman tersirat ini dari waktu ke waktu dengan penyidik federal, agen intelijen, a Bahkan anggota Kongres Amerika Serikat yang terikat begitu erat dengan sumpah rahasia dan kesepakatan bahwa mereka bahkan tidak dapat mengungkapkan kegiatan kriminal di dalam pemerintah karena takut ditahbiskan 16. Di antara laporan tentang dugaan perdagangan orang dalam yang disebutkan dalam Crossing the Rubicon Dari Wilderness adalah daftar yang diterbitkan di bawah judul Black Tuesday The Insider Trading Insider Terbesar di Dunia oleh Institut Kebijakan Internasional Herzliyya untuk Kontraterorisme pada tanggal 21 September 2001. Antara tanggal 6 dan 7 September, CBOE melihat pembelian 4.744 opsi Di United Airlines, tapi hanya 396 opsi panggilan Dengan asumsi bahwa 4.000 pilihan dibeli oleh orang-orang yang memiliki pengetahuan lebih dalam tentang serangan yang akan segera terjadi, orang dalam ini akan mendapatkan keuntungan sebesar hampir 5 juta. Pada tanggal 10 September, 4.516, opsi-opsi untuk American Airlines dibeli di Pertukaran Chicago, dibandingkan dengan hanya 748 panggilan Sekali lagi, tidak ada berita pada saat itu untuk membenarkan ketidakseimbangan ini lagi, assumi Dengan 4.000 opsi perdagangan ini mewakili orang dalam, mereka akan mewakili keuntungan sekitar 4 juta. Tingkat opsi put yang dibeli di atas lebih dari enam kali lebih tinggi dari biasanya. Tidak ada perdagangan serupa di maskapai lain yang terjadi di bursa Chicago pada hari-hari yang segera menjelang Black Tuesday. Morgan Stanley Dean Witter Co, yang menempati 22 lantai World Trade Center , Melihat 2.157 dari opsi pembelian pada tanggal 45 Oktober yang dibeli dalam tiga hari perdagangan sebelum Black Tuesday ini membandingkan rata-rata 27 kontrak per hari sebelum tanggal 6 September. Harga saham Morgan Stanley turun dari 48 90 menjadi 42 50 setelah terjadinya serangan. Bahwa 2.000 dari kontrak pilihan ini dibeli berdasarkan pengetahuan tentang serangan yang mendekat, pembeli mereka dapat memperoleh keuntungan paling sedikit 1 2 juta. Billill Lynch Co, dengan kantor pusat di dekat Menara Kembar, melihat 12.215 Oktober 45 memasukkan opsi yang dibeli di empat perdagangan Hari sebelum serangan volume rata-rata sebelumnya di saham tersebut telah 252 kontrak per hari naik 1.200 Saat perdagangan dilanjutkan, saham Merrill turun dari 46 menjadi 88 1 50 dengan asumsi 11.000 kontrak opsi dibeli oleh orang dalam, keuntungan mereka akan menjadi sekitar 5 5 juta. Regulator Eropa memeriksa perdagangan di Munich Re, Swiss Swiss Re, dan AXA dari Perancis, semua reasuradur besar yang memiliki keterpaparan terhadap Peringatan Selasa Hitam Catatan AXA juga memiliki lebih dari 25 saham American Airlines, sehingga membuat serangan tersebut menjadi dua kali lipat untuk mereka 17.Concerning pernyataan mantan ketua Deutsche Bundesbank Ernst Welteke, tenor mereka dalam berbagai laporan pers disatukan adalah sebagai berikut Presiden bank sentral Jerman Ernst Welteke kemudian melaporkan bahwa sebuah studi oleh banknya menunjukkan, Ada tanda-tanda yang lebih jelas bahwa ada aktivitas di pasar keuangan internasional yang harus dilakukan dengan pengetahuan ahli yang diperlukan, tidak hanya pada saham-saham industri yang sangat terpengaruh Seperti perusahaan penerbangan dan asuransi, tapi juga di emas dan minyak Daily Telegraph, 9 23 2001 Perisetnya telah menemukan bukti yang hampir tak terbantahkan. Dari insider trading Miami Herald, 9 24 2001 Jika Anda melihat pergerakan di pasar sebelum dan sesudah serangan, itu membuat alur alis Anda Tapi sangat sulit untuk benar-benar memverifikasinya. Namun demikian, dia percaya bahwa dalam satu atau kasus lain itu akan menjadi Mungkin untuk menunjukkan sumber Fox News, 9 22 2001 Welteke melaporkan kenaikan harga minyak yang secara fundamental tidak dapat dijelaskan sebelum serangan Miami Herald, 9 24 2001 dan kemudian naik lebih lanjut sebesar 13 persen sehari setelah serangan Emas naik tanpa henti beberapa hari setelah serangan tersebut. Daily Telegraph, 9 23 2001 18. Berkat pengamatan tersebut, saya mengirim sebuah permintaan melalui e-mail ke kantor pers Deutsche Bundesbank pada tanggal 1 Agustus 2011, dari mana saya berharap untuk belajar Bagaimana Bundesbank menangani informasi ini. Apakah agen federal AS meminta untuk melihat studi Dengan siapa Bundesbank berbagi informasi ini Dan tambahan 1 Dapatkah Anda mengkonfirmasi bahwa ada studi tentang Bundesbank mengenai perdagangan orang dalam 9 11, yang dilakukan di Septem Ber 2001 2 Jika ya apa judulnya 3 Jika Ya siapa penulisnya 4 Jika Ya, studi itu pernah tersedia untuk umum. pada 2 Agustus, saya diberitahu bahwa surat Anda telah diterima oleh kami dan sedang diproses di bawah Nomor 2011 011551 Akhirnya, kantor pers Deutsche Bundesbank hanya tersedia untuk penjelasan lisan di telepon. Dengan penjelasan ini, saya kemudian beralih ke kantor pers regulator keuangan federal di Jerman, Bundesanstalt bulu Finanzdienstleistungsaufsicht, BaFin , Dengan e-mail berikut dan itu karena alasan yang jelas. Kemarin, saya mengirim sebuah permintaan untuk mengakhiri e-mail ini ke kantor pers Deutsche Bundesbank sehubungan dengan insider trading yang terkait dengan serangan teroris pada 11 September 2001, Dan masing-masing berkaitan dengan studi dugaan yang dibawa oleh Deutsche Bundesbank Permintaan tersebut membawa nomor referensi 2011 011551. Kantor pers atau masing-masing Mr Peter Trautmann hanya tersedia untuk penjelasan lisan. Bangsa saya ulangi sekarang, karena terkait dengan entitas Anda Ini akan diikuti oleh pertanyaan lebih lanjut saya. Menurut penjelasan lisan dari kantor pers Deutsche Bundesbank, belum pernah ada studi terperinci dan resmi tentang perdagangan orang dalam dari Bundesbank Sebaliknya, mungkin ada analisis ad-hoc dengan grafik pergerakan harga yang sesuai sebagai briefing untuk dewan Bundesbank. Selain itu, akan menjadi tugas Bundesfinanzaufsicht untuk menyelidiki masalah ini Kantor pers Bundesbank juga tidak bersedia untuk Memberikan informasi tertulis apa pun, bahkan setelah petunjuk saya bahwa studi dugaan Bundesbank ini telah beredar di Internet selama bertahun-tahun tanpa ada kontradiksi. Itulah informasi lisan dari kantor pers Bundesbank, atau masing-masing dari Peter Trautmann. Sekarang pertanyaan saya Untuk Anda 1 Apakah BaFin pernah menyelidiki perdagangan insider 9 11 2 Dengan hasil apa hasilnya dipublikasikan 3 Apakah tidak ada b Jika ada alasan untuk dicurigai yang akan membenarkan penyelidikan, misalnya sebagai perusahaan Munich Re yang rusak, dan sebagai pembeli opsi opsi dari UAL United Airlines Company, Deutsche Bank Alex Brown 4 Apakah Deutsche Bundesbank pernah bertanya kepada BaFin mengenai informasi apa yang mereka miliki mengenai Perdagangan orang dalam 9 11 misalnya untuk pembuatan analisis ad-hoc untuk Bundesbank 5 Minta agen federal AS bertanya apakah BaFin dapat bekerja sama dengan mereka dalam penyelidikan Dapatkah Anda membalas saya secara tertulis, tidak seperti Deutsche Bundesbank, tolong Saya akan sangat bersyukur untuk itu. Keesokan harinya saya memang menerima e-mail mengenai topik ini dari Anja Engelland, petugas pers BaFin di mana dia menjawab pertanyaan saya sebagai berikut.1 Ya, mantan Bundesaufsichtsamt bulu Wertpapierhandel, Pengawas federal BAWe untuk perdagangan efek, telah melakukan analisis menyeluruh atas operasi 2 Akibatnya, tidak ada bukti perdagangan orang dalam telah ditemukan. Pendekatan dan hasilnya telah dipublikasikan oleh BAWe atau BaFin dalam laporan tahunan untuk tahun 2001, S Seksi 27 dan 2002 di bawah paragraf pertama Berikut adalah link Lihat di sini dan di sini 3 Lihat laporan tahunan 2001 dan 2002 Put options on United Maskapai tidak diperdagangkan di bursa saham Jerman opsi EUREX pertama pada ekuitas AS diperkenalkan hanya setelah serangan pada 9 11 2001 ada waran atas UAL dan saham AS lainnya, namun yang diperdagangkan hanya dalam volume rendah 4 Saya sendiri tidak tahu tentang hal tersebut. Sebuah permintaan Selanjutnya, Bundesbank sendiri harus mengomentari 5 BaFin ini secara fundamental berhak atas pertukaran informasi dengan otoritas pengawas asing, seperti SEC, atas dasar kesepakatan tertulis, yang disebut nota kesepahaman mengenai permintaan dari luar negeri. Otoritas pengawas, BaFin sayangnya tidak bisa berkomentar, ini akan menjadi masalah otoritas masing-masing. Untuk ini saya minta pengertian. Lalu saya menulis catatan singkat lagi. Kepada BaFin, untuk mencegah kesalahpahaman, jawaban saya mengacu, sejauh yang saya mengerti, hanya ke pasar keuangan di Jerman dan Frankfurt, atau tidak Jawaban dari BaFin. Jawabannya mengacu pada pasar keuangan Jerman secara keseluruhan dan tidak hanya Di Bursa Efek Frankfurt Dalam hal penilaian pasar keuangan asing, pihak yang berwenang adalah titik kontak yang kompeten. Dalam pertanyaan saya, saya menyebutkan, antara lain, sebuah studi ilmiah oleh ekonom AS Allen M Poteshman dari University of Illinois Di Urbana-Champaign, yang telah dilakukan pada tahun 2006 mengenai opsi put option sekitar 9 11 terkait dengan dua maskapai yang terlibat, United Airlines dan American Airlines Poteshman sampai pada kesimpulan ini. Pemeriksaan perdagangan opsi yang mengarah ke tanggal 11 September menunjukkan bahwa di sana Adalah tingkat pembelian yang luar biasa tinggi. Temuan ini konsisten dengan investor yang diinformasikan yang memiliki opsi yang diperdagangkan sebelum serangan tersebut 19. Studi ilmiah lainnya Dilakukan oleh ekonom Wong Wing-Keung Hong Kong Baptist University, HKBU, Howard E Thompson University of Wisconsin dan Kweehong Teh National University of Singapore, NUS, yang temuannya dipublikasikan pada bulan April 2010 dengan judul Apakah ada Abnormal Trading di SP 500 Opsi Indeks Sebelum Serangan 11 September. Dimotivasi oleh fakta bahwa telah ada banyak laporan media tentang kemungkinan insider trading sebelum 9 11 di pasar opsi, para penulis melihat dalam penelitian ini di Indeks Indeks Opsi Indeks Poor Poor 500, Khususnya dengan fokus pada strategi yang berasal dari pasar beruang, yaitu di bawah label Put Purchase, Put Bear Spread dan Naked Call Call ITM, karena masing-masing sesuai dengan anggapan bahwa seseorang akan bertaruh pada pasar bear umum. Jika seseorang ingin memperoleh keuntungan dalam mengantisipasi peristiwa 9 11. 20. Di antara garis-garis ini, penulis merujuk pada sebuah artikel yang diterbitkan oleh Erin E Arvedlund pada tanggal 8 Oktober 2001 di Barron s, headi Ng yang menunjukkan secara tepat bahwa tesis Ikuti pencekalan Teror uang bisa mendapatkan keuntungan lebih dari jatuhnya seluruh pasar daripada dari saham individual 21. Secara umum, Wong, Thompson dan Teh sampai pada kesimpulan bahwa temuan kami menunjukkan bahwa ada abnormal yang signifikan Kenaikan volume perdagangan di pasar opsi tepat sebelum serangan 9-11 berbeda dengan tidak adanya volume perdagangan abnormal jauh sebelum serangan. Secara khusus, mereka menyatakan, Temuan kami dari OTM out-of-the-money, di - ATM uang dan indeks ITM SPX in-the-money menempatkan opsi dan opsi panggilan indeks SPX ITM membuat kita menolak hipotesis nol bahwa tidak ada perdagangan abnormal dalam kontrak ini sebelum 11 September. Sebaliknya, mereka menemukan bukti adanya perdagangan abnormal. Volume di OTM, ATM dan indeks SPX ITM menempatkan opsi untuk bulan September 2001, dan juga opsi panggilan indeks ITM-SPX untuk bulan yang sama. Selain itu, kami menemukan ada bukti adanya perdagangan abnormal pada OTM September 2001, AT Indeks M dan ITM SPX menempatkan opsi segera setelah serangan 9-11 dan sebelum tanggal kadaluwarsa Ini menunjukkan bahwa memiliki sebuah put adalah investasi yang berharga dan mereka yang memilikinya dapat menjualnya dengan keuntungan yang cukup besar sebelum tanggal kadaluwarsa. Dari semua ini , Mereka mengambil posisi bahwa sementara mereka tidak dapat secara definitif membuktikan bahwa orang dalam aktif di pasar, hasil kami memberikan bukti tidak langsung yang kredibel untuk mendukung klaim insider trading 22.Disambiguasi dalam uang tersebut berarti bahwa keadaan timbul dimana pemilik put Pilihannya adalah bertaruh harga pasar dari underlying asset, misalnya saham atau dalam hal ini indeks saham, lebih rendah pada saat itu dibandingkan harga pada saat transaksi berlangsung. Pada uang itu berarti harga dari Underlying asset tetap sama atau hampir sama. Dan out-of-the-money berarti harga aset dasar sudah naik, jadi kebalikan dari apa pemilik put option adalah bett. Saat terjadi uang menang Dari kehilangan uang. Ada juga pilihan ITM, ATM dan OTM baik untuk strategi trading dengan opsi put dan call, tergantung pada jenis risiko yang ingin diambil. Misalnya, menurut Wong Thomson dan Teh, Strategi Put-Purchase dalam hal pergerakan ke bawah dari underlying asset adalah alternatif yang lebih murah untuk short selling dari underlying asset dan ini adalah cara termudah untuk mendapatkan keuntungan ketika harga underlying asset diharapkan. Untuk menolak penggunaan penggunaan opsi OTM dibandingkan opsi opsi ITM, bagaimanapun, menawarkan pahala yang lebih tinggi dan potensi risiko yang lebih tinggi jika aset dasarnya turun secara substansial. Namun, jika underlying asset hanya turun dari harga, ITM menempatkannya. Sering terbukti menjadi pilihan yang lebih baik karena perbedaan harga relatif. Itulah sebabnya spekulan akan menjadi yang terbaik, jika mereka membeli opsi pilihan ITM, kecuali spekulan akan memperkirakan penurunan harga yang sangat substansial. E mendasari aset 23. Setelah mereka menghitung strategi semacam itu berdasarkan data perdagangan yang tersedia di CBOE yang berkaitan dengan 9 11, ketiga ekonom tersebut pada akhirnya tidak dapat menerima argumen balik yang mungkin bahwa hasil mereka dapat dikaitkan dengan fakta bahwa saham tersebut Pasar pada umumnya jatuh dan telah ada prospek pasar yang negatif Akhirnya mereka menunjukkan bukti yang lebih meyakinkan diperlukan untuk membuktikan secara definitif bahwa orang dalam memang aktif di pasar Meskipun kita telah mendiskreditkan kemungkinan volume abnormal karena pasar yang menurun, seperti Pekerjaan investigasi masih akan menjadi latihan yang sangat terlibat mengingat banyak faktor pembaur lainnya, seperti strategi perdagangan yang membingungkan, yang sengaja dipekerjakan oleh orang dalam untuk menarik perhatian lebih sedikit 24. Itu akan terjadi dan jika hanya untuk membatalkan hasil ilmiah ini sekali Dan untuk semua terutama tugas untuk SEC, FBI dan otoritas pemerintah lainnya di Amerika Serikat Howeve R, kita harus menunggu ini dengan sia-sia. Saya berpikir bahwa tidak kurang pantas disebutkan adalah artikel yang dikeluarkan majalah keuangan Prancis Les Echos pada bulan September 2007 tentang sebuah studi yang dilakukan oleh dua profesor ekonomi independen dari Universitas Zurich, Jurnalis Marc Chesney dan Loriano Mancini Marina Alcaraz merangkum isi temuan di Les Echos dengan kata-kata ini dan dengan penjelasan dari Profesor Chesney ini, yang untuk pertama kalinya saya terjemahkan ke bahasa Jerman dan sekarang diterjemahkan dari bahasa Prancis ke bahasa Inggris. Volume atipikal, Yang sangat langka untuk saham tertentu menyebabkan kecurigaan insider trading Enam tahun setelah serangan terhadap World Trade Center ini adalah hasil yang mengganggu dari sebuah studi baru-baru ini oleh Marc Chesney dan Loriano Mancini, para profesor di University of Zurich. Penulis, satu Dari mereka spesialis dalam produk turunan, yang lain spesialis di bidang ekonometri, mengerjakan opsi penjualan yang digunakan untuk berspekulasi mengenai penurunan Harga 20 perusahaan besar Amerika, terutama di bidang kedirgantaraan dan sektor keuangan. Analisis mereka mengacu pada pelaksanaan transaksi antara tanggal 6 dan 10 September 2001 dibandingkan dengan volume rata-rata, yang dikumpulkan dalam jangka waktu yang lama 10 tahun untuk sebagian besar Selain itu, kedua spesialis tersebut menghitung probabilitas bahwa pilihan yang berbeda dalam sektor yang sama dalam volume signifikan akan diperdagangkan dalam beberapa hari. Kami telah mencoba untuk melihat apakah pergerakan saham tertentu sesaat sebelum serangan itu normal Kami menunjukkan bahwa pergerakan untuk Beberapa perusahaan seperti American Airlines, United Airlines, Merrill Lynch, Bank of America, Citigroup, Marsh McLehnan jarang terlihat dari sudut pandang statistik, terutama bila dibandingkan dengan jumlah yang telah diamati untuk aset lain seperti Coca-Cola atau HP, Jelas Marc Chesney, mantan Profesor di HEC dan rekan penulis Blanchiment et financement du terrorisme Pencucian uang dan pembiayaan Terorisme, yang diterbitkan oleh Editions Ellipses Misalnya 1,535 put option contracts di American Airlines dengan pemogokan 30 dan kadaluwarsa pada bulan Oktober 2001 diperdagangkan pada tanggal 10 September, berbeda dengan rata-rata harian sekitar 24 kontrak selama tiga minggu sebelumnya Fakta bahwa Pasar saat ini berada dalam pasar beruang tidak cukup untuk menjelaskan volume yang mengejutkan ini. Penulis juga memeriksa profitabilitas opsi put dan perdagangan bagi investor yang memperoleh produk semacam itu antara tanggal 6 dan 10 September untuk judul tertentu, keuntungannya sangat besar. Misalnya, investor yang mengakuisisi opsi Citigroup dengan berakhirnya pada bulan Oktober 2001 bisa menghasilkan keuntungan lebih dari 15 juta, katanya Berdasarkan data antara volume dan profitabilitas, kedua penulis menyimpulkan bahwa probabilitas bahwa kejahatan Oleh Insiders Insider trading terjadi sangat kuat dalam kasus American Airlines, United Airlines, Merrill Lynch, Bank of America, Citigro Up dan JP Morgan Tidak ada bukti hukum, tapi ini adalah hasil metode statistik, yang mengkonfirmasi tanda-tanda penyimpangan. Saat Alcaraz terus menyatakan kepada Les Echos, studi oleh Chesney Mancini tentang kemungkinan insider trading terkait dengan serangan 9 11 Bukan yang pertama dari jenisnya tapi sangat berbeda dengan temuan Komisi Sekuritas dan Sekuritas AS SEC dan Komisi 9 11, karena mereka mengklasifikasikan perdagangan orang dalam sebagai diabaikan perdagangan yang bersangkutan tidak memiliki hubungan dengan 9 11 dan telah consistently proved innocuous. Different in the assessment is also the scientific work that Chesney and Mancini had published together with Remo Crameri in April 2010 at the University of Zurich, Detecting Informed Trading Activities in the option markets In the segment that is dedicated to the terror attacks of 9 11, the three authors come to the conclusion, that there had been notable insider trading shortly before the terrorist attacks on September 11 that was b ased on prior knowledge. Without elaborating on the detailed explanation of the mathematical and statistical method, which the scientific trio applied during the examination of the put option transactions on the CBOE for the period between 1996 and 2006, I summarize some of their significant conclusionspanies like American Airlines, United Airlines, Boeing the latter company is a contractor of the two airlines as aircraft manufacturer and to a lesser extent, Delta Air Lines and KLM seem to have been targets for informed trading activities in the period leading up to the attacks The number of new put options issued during that period is statistically high and the total gains realized by exercising these options amount to more than 16 million These findings support the results by Poteshman 2006 who also reports unusual activities in the option market before the terrorist attacks 26.In the banking sector, Chesney, Crameri and Mancini found five informed trading activities in connection to 9 11 For example the number of new put options with underlying stock in Bank of America, Citigroup, JP Morgan and Merrill Lynch issued in the days before the terrorist attacks was at an unusually high level The realized gains from such trading strategies are around 11 million 27.For both areas, the aviation and the banking sector, the authors state that in nearly all cases the hypothesis , that the put options were not hedged, cannot be rejected 28.Regarding the options traded on EUREX, one of the world s largest trading places for derivatives, which in 1998 resulted from the merger between the German and Swiss futures exchanges DTB and SOFFEX, Chesney, Mancini and Crameri focused on two reinsurance companies, which incurred costs in terms of billions of dollars in connection with the World Trade Center catastrophe Munich Re and Swiss Re. On the basis of EUREX trading data provided by Deutsche Bank, the three scientists detected one informed option trade related to Munich Re, which occu rred on August 30, 2001 The authors write The detected put option with underlying Munich Re matured at the end of September 2001 and had a strike of 320 the underlying asset was traded at 300, 86 on August 30th That option shows a large increment in open interest of 996 contracts at 92 2 quintile of its two-year empirical distribution on August 30th. Its price on that day was 10, 22 On the day of the terrorist attacks, the underlying stock lost more than 15 the closing price on September 10th was 261, 88 and on September 11th 220, 53 and the option price jumped to 89, 56, corresponding to a return of 776 in eight trading days The gains related to the exercise of the 996 new put options issued on August 30th correspond to more than 3 4 million Similar is true, according to the authors, for one informed option trade on Swiss Re on August 20, 2001 with a return of 4,050 in three trading weeks , or more than 8 million 29.In a new version of their study that was published on September 7, 201 1, the authors stuck to their findings from April 2010 They added the emphasis that in no way the profits gained with the put options to which they point could have been achieved due to sheer fortunate coincidence, but that in fact they were based on prior knowledge which had been exploited 30.With those results in terms of what went on at the EUREX according to Chesney, Crameri and Mancini, I again addressed the BaFin, which had written to me that for the financial centers in Germany insider trading around 9 11 could be excluded, and asked. How does this go with your information that the federal supervisory for securities trading BAWe could in its comprehensive analysis not find evidence for insider trading Do the authors, so to speak, see ghosts with no good reason. In addition, I stated. If it is true what Chesney, Crameri and Mancini write, or if you at the BaFin cannot ad hoc refute it, would this then cause the BaFin to thoroughly investigate the matter again If the findings of Ches ney, Crameri, and Mancini were true, this would constitute illegal transactions relating to a capital crime, which has no status of limitations, or not. In case that a need for clarification had arisen at the BaFin, I added Professor Chesney to my e-mail-inquiry in the carbon copy address field, as because these were the results of his scientific work. The response that I received from BaFin employee Dominika Kula was as follows. As I already told you in my e-mail, the former federal supervisory for securities trading BAWe carried out a comprehensive analysis of the operations in 2001 As a result, no evidence of insider trading has been found For clarification purposes, I wish to point out that violations of statutory provisions of securities or criminal law can never be excluded with absolute certainty In order to pursue and prosecute such matters concrete evidence of an unlawful act is required Such evidence does not exist here. With regard to the sources you mentioned, I ask for underst anding that I can neither comment on scientific analyses, nor on reviews by third parties. Regarding the statutes of limitations for offences relating to the violation insider trading regulations trading I can give you the following information A violation of the law to prohibit insider trading is punishable with imprisonment up to 5 years or with fines The statutes of limitations applied for crimes carrying this kind of penalty section 78 paragraph 3 No 4 Penal Code are five years These limitations are described in the statutes of limitations 78 et seq Criminal Code. In addition, I turned to the EUREX with three questions 1 How do you as EUREX comment on the findings of Messrs Chesney, Mancini and Crameri 2 Did you at EUREX perceive the particular trading in Munich Re and Swiss Re it in any way as strange 3 Have domestic eg BAWe and BaFin or foreign such as the U S Securities and Exchange Commission authorities ever inquired if there may have been evidence of insider trading via the EUR EX in connection with the 9 11 attacks. I subsequently received the following response from Heiner Seidel, the deputy head of the press office of the Deutsche Borse in Frankfurt. We do not give you a public written response on behalf of the Deutsche Brse or Eurex regarding the topics of your inquiry This is for the following reason the trade monitoring agency HSt is part of the Exchange, but it is independent and autonomous Their investigations are confidential and are carried out in close coordination with the BaFin They are never public, a request which HSt is therefore not meaningful. I leave it to the reader to draw his her conclusions from these two replies from the press offices of BaFin and Deutsche Borse Regarding the topic of option trades related to 9 11, I once more talked with Swiss historian Dr Daniele Ganser Operation Gladio , by asking him this time about the importance of those put options, which were traded shortly before the attacks of September 11, 2001.Daniele Ganser T his is an important point This is about demonstrating that there was insider trading on the international stock exchanges before 11 September Specifically put options, ie speculation on falling stock prices were traded Among the affected stocks were United Airlines and American Airlines, the two airlines involved in the attacks. A colleague of mine, Marc Chesney, professor at the Institute of banking at the University of Zurich, has examined these put options You first of all have to check if there may have been international speculation that the aviation industry would be experiencing a weak period and whether accordingly also put options on Singapore Airlines, Lufthansa and Swiss were bought This was not the case. Very significant put option trades were only transacted for these two airlines involved in the attacks Secondly, you must examine the ratio of put options to call options and look if they had also been purchased to a similarly significant extent that would constitute speculat ions on rising stock prices And that is also not the case There were only significant put options and only significant transactions for United Airlines and American Airlines. Now you need to look further in order to see who actually bought the put options, because that would be the insider who made millions on September 11 Most people are unaware that money was also earned with the attacks on September 11 The Security and Exchange Commission, SEC, the Securities and Exchange Commission of the United States, however, does not publish the information on who bought the put options, because you can do this anonymously It is disturbing that this data is not made public. What you have is the 9 11 Commission report, and here it is pointed out that there has been insider trading, but that this insider trading cannot be traced to al-Qaeda leader Osama bin Laden, which means that it is highly unlikely that it had been Bin Laden. Question If this is not pursued any further, what does it mean. Daniele Ganser This means that the investigation of the terrorist attacks was incomplete, and always at the point where there are contradictions to the SURPRISE story, no further investigations are made It looks very much as if one wants to examine only one story, the investigation is therefore one-sided But this does not only apply to the put options 31.Interestingly enough, when Dr Ganser points out in his reply that this important data is not published, it is actually only half of the truth Why The answer is very simple and odd at the same time David Callahan, the editor of the US magazine SmartCEO, filed a request to the SEC about the put options which occurred prior to September 11 within the framework of the Freedom of Information Act FOIA The SEC informed Callahan in its reply of December 23, 2009 under the number 09 07659-FOIA as follows. This letter is in response to your request seeking access to and copies of the documentary evidence referred to in footnote 130 of Chapter 5 of the S eptember 11 9 11 Commission Report We have been advised that the potentially responsive records have been destroyed 32.Therefore, we will unfortunately never know exactly how the SEC and the 9 11 Commission came to their conclusions regarding the 9 11 put options trading for their final report, because relevant documents were not only held back, but also destroyed and that in spite of an agreement between the SEC and the National Archive of the United States, in which the SEC has agreed to keep all records for at least 25 years 33.The 9 11 Commission report wrote this in footnote 130 of Chapter 5, which briefly focuses on the alleged insider trading. Highly publicized allegations of insider trading in advance of 9 11 generally rest on reports of unusual pre-9 11 trading activity in companies whose stock plummeted after the attacks Some unusual trading did in fact occur, but each such trade proved to have an innocuous explanation For example, the volume of put options investments that pa y off only when a stock drops in price surged in the parent companies of United Airlines on September 6 and American Airlines on September 10 highly suspicious trading on its face. Yet, further investigation has revealed that the trading had no connection with 9 11 A single US-based institutional investor with no conceivable ties to al-Qaeda purchased 95 percent of the UAL puts on September 6 as part of a trading strategy that also included buying 115,000 shares of American on September 10 Similarly, much of the seemingly suspicious trading in American on September 10 was traced to a specific US-based options trading newsletter, faxed to its subscribers on Sunday, September 9, which recommended these trades. These examples typify the evidence examined by the investigation The SEC and the FBI, aided by other agencies and the securities industry, devoted enormous resources to investigating this issue, including securing the cooperation of many foreign governments These investigators have f ound that the apparently suspicious consistently proved innocuous Joseph Cella interview Sept 16, 2003 May 7, 2004 May 10-11, 2004 FBI briefing Aug 15, 2003 SEC memo, Division of Enforcement to SEC Chair and Commissioners, Pre-September 11, 2001 Trading Review, May 15, 2002 Ken Breen interview Apr 23, 2004 Ed G interview Feb 3, 2004.The author Mark H Gaffney commented on this finding of innocuousness. Notice the commission makes no mention in its footnote of the 36 other companies identified by the SEC in its insider trading probe What about the pre-9 11 surge in call options for Raytheon, for instance, or the spike in put options for the behemoth Morgan Stanley, which had offices in WTC 2 The 9 11 Commission Report offers not one word of explanation about any of this The truth, we must conclude, is to be found between the lines in the report s conspicuous avoidance of the lion s share of the insider trading issue. Indeed, if the trading was truly innocuous , as the report states, the n why did the SEC muzzle potential whistleblowers by deputizing everyone involved with its investigation The likely answer is that so many players on Wall Street were involved that the SEC could not risk an open process, for fear of exposing the unthinkable This would explain why the SEC limited the flow of information to those with a need to know , which, of course, means that very few participants in the SEC investigation had the full picture. It would also explain why the SEC ultimately named no names All of which hints at the true and frightening extent of criminal activity on Wall Street in the days and hours before 9 11 The SEC was like a surgeon who opens a patient on the operating room table to remove a tumor, only to sew him back up again after finding that the cancer has metastasized through the system. At an early stage of its investigation, perhaps before SEC officials were fully aware of the implications, the SEC did recommend that the FBI investigate two suspicious transact ions We know about this thanks to a 9 11 Commission memorandum declassified in May 2009 which summarizes an August 2003 meeting at which FBI agents briefed the commission on the insider trading issue The document indicates that the SEC passed the information about the suspicious trading to the FBI on September 21, 2001, just ten days after the 9 11 attacks. Although the names in both cases are censored from the declassified document, thanks to some nice detective work by Kevin Ryan we know whom in one case the SEC was referring to The identity of the suspicious trader is a stunner that should have become prime-time news on every network, world-wide Kevin Ryan was able to fill in the blanks because, fortunately, the censor left enough details in the document to identify the suspicious party who, as it turns out, was none other than Wirt Walker III, a distant cousin to then-president G W Bush. Several days before 9 11, Walker and his wife Sally purchased 56,000 shares of stock in Stratesec , one of the companies that provided security at the World Trade Center up until the day of the attacks Notably, Stratesec also provided security at Dulles International Airport, where AA 77 took off on 9 11, and also security for United Airlines, which owned two of the other three allegedly hijacked aircraft At the time, Walker was a director of Stratesec Amazingly, Bush s brother Marvin was also on the board. Walker s investment paid off handsomely, gaining 50,000 in value in a matter of a few days Given the links to the World Trade Center and the Bush family, the SEC lead should have sparked an intensive FBI investigation Yet, incredibly, in a mind-boggling example of criminal malfeasance, the FBI concluded that because Walker and his wife had no ties to terrorism there was no reason to pursue the investigation The FBI did not conduct a single interview 34.For this translation, I asked Kevin Ryan via e-mail if he could send me a link for his nice detective work Ryan, who s in my humb le opinion one of roughly 10 people around the world who have to be taken seriously regarding 9 11, replied. You are referring to my paper Evidence for Informed Trading on the Attacks of September 11 See here The following two references from the paper are relevant to what you are describing 2 9 11 Commission memorandum entitled FBI Briefing on Trading prepared by Doug Greenburg, 18 August 2003, 22.The 9 11 Commission memorandum that summarized the FBI investigations refers to the traders involved in the Stratesec purchase From the references in the document, we can make out that the two people had the same last name and were related This fits the description of Wirt and Sally Walker, who were known to be stock holders in Stratesec Additionally, one Wirt was a director at the company, a director at a publicly traded company in Oklahoma Aviation General , and chairman of an investment firm in Washington, DC Kuwam Corp Here are two other recent articles on Stratesec and its operators See here and here. The stock of Stratesec, I should add by myself, increased in value from 0 75 per share on September 11 to 1 49 per share when the market re-opened on September 17 As a firm that provides technology-based security for large commercial and government facilities, Stratesec benefited from the soaring demand of security companies right after 9 11.It is also remarkable what Ryan wrote to me regarding a company on which he did some research, too Viisage Corp, another high-tech security firm. Kevin Ryan In late 2005, George Tenet became a director for Viisage, which had been flagged by the SEC for 9 11 trading but never investigated Viisage was led by Roger LaPenta, formerly of Lockheed. Seven months later, in 2006, FBI director Louis Freeh also joined the Viisage board One might think that when both the CIA director on 9 11 and the FBI director from 1993 to June 2001 joined a company suspected of 9 11 insider trading, we might want to go back and actually investigate the SEC s fla gging of that company But, of course, that was not the case In 2009, Bandar Bush hired Freeh as his personal attorney. Freeh is nowadays the bankruptcy trustee of the alleged market manipulator MF Global And about his client, the former Saudi ambassador Prince Bandar, I should add that we know for sure that he bankrolled indirectly via his wife two of the alleged would-be 9 11 hijackers, Khalid Al-Mihdhar and Nawaf Al-Hazmi 35.But let s get back to the subject of destruction On September 11, not only human life, aircraft and buildings were destroyed in New York City, but also data on computers and in archives For example, several federal agencies occupied space in Building 7 of the World Trade Center, including the Securities and Exchange Commission on floors 11 to 13.Those and other data could have given information about the alleged 9 11 insider trading though it seems to be very unlikely that no backup existed elsewhere independent of the local computer systems In fact, some technolo gy companies were commissioned to recover damaged hard disks, which had been recovered from the debris and dust of Ground Zero. One of these companies was the English company group Convar, more precisely their data rescue center in the German city Pirmasens Erik Kirschbaum from the news agency Reuters reported in December 2001 that Convar had at that time successfully restored information from 32 computers, supporting suspicions that some of the 911 transactions were illegal. The suspicion is that inside information about the attack was used to send financial transaction commands and authorizations in the belief that amid all the chaos the criminals would have, at the very least, a good head start, says Convar director Peter Henschel 36 Convar received the costly orders according to Kirschbaum s report the companies had to pay between 20,000 and 30,000 per rescued computer in particular from credit card companies, because There was a sharp rise in credit card transactions moving through some computer systems at the WTC shortly before the planes hit the twin towers This could be a criminal enterprise in which case, did they get advance warning Or was it only a coincidence that more than 100 million was rushed through the computers as the disaster unfolded 37.The companies for which Convar was active cooperated with the FBI If the data were reconstructed they should have been passed on to the FBI, and the FBI, according to its statutory mandate, should have initiated further investigation based on the data to find out who carried out these transactions Henschel was optimistic at the time that the sources for the transactions would come to light. Richard Wagner, a Convar employee, told Kirschbaum that illegal transfers of more than 100 million might have been made immediately before and during the disaster There is a suspicion that some people had advance knowledge of the approximate time of the plane crashes in order to move out amounts exceeding 100 million, he says The y thought that the records of their transactions could not be traced after the main frames were destroyed 38.Wagner s observation that there had been illegal financial transactions shortly before and during the WTC disaster matches an observation which Ruppert describes in Crossing the Rubicon Ruppert was contacted by an employee of Deutsche Bank, who survived the WTC disaster by leaving the scene when the second aircraft had hit its target. According to the employee, about five minutes before the attack the entire Deutsche Bank computer system had been taken over by something external that no one in the office recognized and every file was downloaded at lightning speed to an unknown location The employee, afraid for his life, lost many of his friends on September 11, and he was well aware of the role which the Deutsche Bank subsidiary Alex Brown had played in insider trading 39.I was curious and wanted more information from Convar regarding their work on the WTC-computer hard drives, b ut also about the statements made by Peter Henschel and Richard Wagner Thus, I contacted the agency which represents Convar for press matters, with a written request But their agency ars publicandi informed me swiftly. Due to time constraints, we can currently offer you neither information nor anyone on the part of our client to talk to regarding this requested topic. I also approached KrollOntrack, a very interesting competitor of Convar in writing Ontrack Data Recovery, which also has subsidiaries in Germany, was purchased in 2002 by Kroll Inc one of the nation s most powerful private investigative and security firms, which has long-standing involvement with executive protection US government officials including the president This would require close liaison with the Secret Service 40.At the time of the 9 11 attacks, a certain Jerome Hauer was one of the managing directors at Kroll Inc He had previously established the crisis center for the mayor of New York City as director of the Off ice of Emergency Management OEM , which occupied office space on the 23rd floor of the WTC Building 7 Hauer helped former FBI agent John O Neill to get the post of the head of Security Affairs at the WTC, and spent the night of September 11 with O Neill in New York before the latter lost his life on September 11 in the WTC Hauer was most likely involved in the planning of Tripod II , the war game exercise at the port of New York City 41.Therefore, I found it appealing to uncover some more details of this aspect, or, more accurately to find out if Ontrack or KrollOntrack had received an order in 2001 or after to rescue computer hard drives from the WTC The answer I received from KrollOntrack said. Kroll Ontrack was not at the site of the data recovery the devices at the Twin Towers have been completely destroyed or vaporized The firm Kroll was, however, at that time active in the field of computer-forensic investigations, securing devices in the surrounding buildings. In essence, these tw o inquiries did not help me at all If anything, a further question arose why did KrollOntrack send me a response, where it was really obvious that the content did not match the facts After all, I had written in my inquiry that Convar had received orders to restore damaged computer hard drives from the World Trade Center. I sent a new inquiry, attaching a link for Erik Kirschbaum s Reuters article and additional cinematic reports on Convar s which showed that some of the WTC disks had not been completely destroyed or vaporized I stated to KrollOntrack Your answer does not seem to match the facts, when it comes to completely destroyed or vaporized Will you still stick to your answer. KrollOntrack then replied that their previously given assessment constituted not a statement, but an opinion. I do not find this assessment worthless, because it is in line with the knowledge of the general public and can easily be refuted in argumentum in contrario by Convar s activities. One film report to whi ch I referred to in my second inquiry to KrollOntrack originated from the German television journal Heute-Journal broadcast on March 11, 2002, on ZDF, and the other from the Dutch TV documentary Zembla, broadcast on September 10, 2006.The ZDF report showed that Convar received the WTC disks from the US Department of Defense and that Convar had managed until March 2002 to recover more than 400 hard drives It also reported that the private companies that employed Convar had paid between 25,000 and 50,000 per hard drive In the TV documentary Zembla, Convar essentially maintained its position as it had been reported by Erik Kirschbaum in 2001.Obviously, in connection with 9 11 there has not only been insider trading via put options, but there is additional evidence that there have been illegal financial transactions via credit cards through which more than 100 million US dollars were removed from the WTC computer systems. Those occurred shortly before and during the WTC disaster It remains unclear what the FBI did later on with the data recovered by Convar On the other hand, it may have been not very much, as can be seen from a memorandum from the 9 11 Commission, which was released in May 2009.The 9 11 Commission asked the FBI about the use of credit cards for insider dealing On the basis of the information provided by the FBI, the commission came to the conclusion that no such activity occurred because the assembled agents expressed no knowledge of the reported hard-drive recovery effort or the alleged scheme but above all everything at the WTC was pulverized to near powder, making it extremely unlikely that any hard-drives survived 42.The activities of Convar, however, prove the exact opposite. But it gets even better According to Zembla, the FBI was directly involved with the data rescue efforts of Convar And on top of it, the broadcast of Heute-Journal reported that Convar worked in that highly sensitive matter with several federal agencies of the United States gover nment. So there have been ample indications for insider trading based on foreknowledge of the attacks, but there are very few hard facts as Catherine Austin Fitts, a former managing director and member of the board of the Wall Street investment bank Dillon, Read Co, Inc now part of UBS , pointed out when I talked with her about this topic. Ms Fitts, what are your general thoughts related to the alleged 9 11-insider trading. Catherine Austin Fitts Well, I ve never been able to see concrete evidence that the insider trading has been proved There s a lot of anecdotal information from investment bankers and people in the investment community that indicate that there was significant insider trading, particularly in the currency and bond markets, but again it hasn t been documented. I think around situations like 9 11 we ve seen things that can only be explained as insider trading Therefore, it wouldn t surprise me if it turns out the allegations are true, because my suspicion is that 9 11 was a n extremely profitable covert operation and a lot of the profits came from the trading It wouldn t even surprise me if it turns out that the Exchange Stabilization Fund traded it and that some of the funding for the compensation fund for the victims came from the ESF. Insider trading happens around these kinds of events, but if you really want to produce evidence of insider trading, you need the subpoena powers of the SEC, and of course we know that they haven t exercised them If anything, right after 9 11, the government settled a significant amount of cases I presume because a lot of the documents were destroyed by the destruction of WTC building number 7, where the SEC offices and other governmental investigation offices were 43.Fitts, who had written a longer essay in 2004 related to this, replied to my question about who had benefited from 9 11.Catherine Austin Fitts 9 11 was extraordinarily profitable for Wall Street, they of course got a kind of Get Out of Jail Free card as I ve just described In addition, the largest broker of government bonds, Cantor Fitzgerald, was destroyed, and there was a great deal of money missing from the federal government in the prior four or five years If you look at the amount of funds involved, it is hard to come to a conclusion other than massive securities fraud was involved, so I find it very interesting that this happened 44.A short explanation Cantor Fitzgerald s headquarters were located in the North Tower of the WTC floors 101-105 On 9 11, the company lost nearly two-thirds of its entire workforce, more than any other tenant in the WTC Also two other government bonds brokers, Garbon Inter Capital and Eurobrokers, occupied office space in the WTC towers that were destroyed Back to Fitts and the question Cui bono 9 11.Catherine Austin Fitts In addition, the federal government took the position that they couldn t produce audited financial statements after 9 11, because they said the office at the Pentagon that produced financ ial statements was destroyed Now given what I know of the federal set up of financial statements, I am skeptical of that statement. But needless to say, if you take the government on its word, you had another Get Out of Jail Free card for four trillion dollars and more missing from the federal government So if you re just looking at the financial fraud angle, there were a lot of parties that benefited from 9 11 But then of course what 9 11 did, it staged the passage of the Patriot Act and a whole series of laws and regulations that I collectively refer to as The Control on Concentration of Cash Flow Act It gave incredible powers to centralize. In addition, if you look at monetary policies right after 9 11 I remember I was over in the City of London driving around with a money manager and his phone rang and he answered it on his speaker phone It was somebody on Wall Street who he hadn t talked to since before 9 11, and he said to him Oh Harry, I am so sorry about what has happened, it mus t have been very traumatic And the guy said Don t be ridiculous We were able to borrow cheap short and invest long, we re running a huge arbitrage, we re making a fortune, this is the most profitable thing that ever happened to us So you could tell the monetary policies and sort of insider games were just pumping profits into the bank at that time, so that was very profitable. But of course the big money was used for a significant movement of the military abroad and into Afghanistan and then into Iraq You could see that the country was being prepared to go to war And sure enough, 9 11 was used as a justification to go to war in Afghanistan, to go to war in Iraq, and commit a huge number of actions, and now much of the challenges about the budget are the result of extraordinary expenditures on war including in Afghanistan and Iraq and the costs of moving the army abroad and engaging in this kind of empire building with ground military force. So I think if you ask Cui Bono on 9 11, one of the big categories was all the people who made money on engineering the popular fear they needed to engineer these wars I believe whether it was financial fraud, engineering new laws or engineering wars, it was a fantastically profitable covert operation 45.In that category of people who benefit from 9 11 are also the arms manufacturer Raytheon, whose share price gained directly from the 9 11 attacks Trading of the shares of Raytheon, the producer of Tomahawk and Patriot missiles and parent company of E-systems, whose clients include the National Security Agency and CIA , experienced an abrupt six-time increase of call option purchases on the day immediately before September 11 46.The outright purchase of call options implies the expectation that a stock price will rise In the first week after 9 11, when the New York Stock Exchange opened again, the value of Raytheon actually shot up considerably Looking at the development of the stock price, the impression is a very weak performance b efore the attacks and then, after resumption of trade, a gap at substantial volume upwards In other words just under 25 on September 10, the low in the period between August 20 to September 28, at 31, 50 on September 17 and up to 34,80 on September 27, 2001.With regards to government bonds, buyers of US Treasury securities with a maturity of five years were also winners These securities were traded in an unusually large volume shortly before the attacks The Wall Street Journal reported at least in early October 2001 that the Secret Service had started an investigation into a suspiciously high volume of US government bond purchases before the attacks The Wall Street Journal explained. Five-year Treasury bills are the best investments in the event of a global crisis, in particular one like this which has hit the United States The papers are treasured because of their safety, and because they are covered by the US government, and usually their prices rise if investors shun riskier investme nts, such as shares 47.Adding to this phenomenon, the government issues these bonds that serve as a basis of money creation for funding a war such as the immediately declared war on terror , engaging the Tomahawks from Raytheon And here it may again be useful to have a quick look at the cui bono relationship. The US Federal Reserve creates money to fund the war and lends it to the American government The American government in turn must pay interest on the money they borrow from the Central Bank to fund the war The greater the war appropriations, the greater the profits are for bankers 48.A multi-layered combination, one could say. I also talked about the topic of 9 11 insider trading with one of the world s leading practitioners at the interface between the international capital markets, the national security policy of the US as well as geopolitics, James G Rickards He gave me some answers in a personal discussion, which I am allowed to repeat here with his expressed approval. Question D id suspicious trading activities of uncovered put options on futures markets occur shortly before 9 11.James G Rickards Well, the trading documents certainly look suspicious It is simply a fact that an unusually high volume of purchases of put-options for the two airlines occurred over the three trading days before the attacks This is a mere fact, no speculation, no guessing around This is clearly obvious from the documents of the trading sessions on the derivatives exchanges. Question Do you think that the intelligence agencies could have got a warning signal based on this information. James G Rickards Theoretically that is possible, if are you are looking and watching out for this But there was far more significant information, which was ignored. Question Do you also think that some people with foreknowledge operated speculatively in the option markets. James G Rickards Based on the documentation of the trading session it seems that this has been the case, yes. Let s sum up a bit at the e nd We have, among other things. The nice detective work by Kevin Ryan related to Stratesec Wirt Walker III. Some highly inconsistent information vis-a-vis Convar illegal credit card transactions. Scientific papers supporting the allegations that there were indeed unusual trading activities in the option market before the terrorist attacks of 9 11, although the 9 11 Commission based on the investigation of the SEC and the FBI ruled that possibility out. As it became clear that I would publish this article here at Asia Times Online, I contacted the US Federal Bureau of Investigation via its press spokesman Paul Bresson in order to give the FBI the opportunity to give a public statement with regards to three specific issues Those three specific issues were the ones I have just highlighted Related to each of them I ve asked Mr Bresson the FBI Could you comment on this for the public, please Up to this moment, Mr Bresson the FBI did not respond to my inquiry in any way whatsoever Does this come as a surprise. I ve also got back in touch with ars publicandi , the firm that does public relations for Convar in Germany The response said Unfortunately I have to inform you that the status has not changed, and that Convar considers the issue of 9 11 as dead in general. As you have read, the status in August of last year was slightly different. At the end of this article, I should perhaps mention that this research ultimately led to negative consequences for me After I contacted the FBI, I was informed by the publisher of a German financial website, for which I conducted interviews for a professional fee and had already prepared more work , that no further cooperation was possible Now that I will come in one way or another into the focus of the FBI, any association with me would be undesirable. Well, you know the rules. As far as the abnormal option trades around 9 11 are concerned, I want to give Max Keiser the last word in order to point out the significance of the story. Max Keiser Reg ardless of who did it, we can know that more than a few had advance warning the trading in the option market makes that clear. 1 Compare Michael C Ruppert Crossing the Rubicon The Decline of the American Empire at the End of the Age Of Oil , New Society Publishers, Gabriola Island, 2004, page 152. 2 Ibid page 153. 3 Ibid page 154 155. 4 Ibid page 170. 5 Ibid page 238 253 9 11 Insider Trading, or You Didn t Really See That, Even Though We Saw It. 6 Ibid page 239. 7 Compare Chris Blackhurst Mystery of terror insider dealers , published at The Independent on October 4, 2001 under. 8 Compare Profits of Death , published at From the Wilderness on December 6, 2001 under. 9 For the fact, that it was George Tenet who recruited Krongard, compare George Tenet At the Center of the Storm , Harper Collins, New York, 2007, page 19. 10 Compare Marc Chesney, Remo Crameri and Loriano Mancini Detecting Informed Trading Activities in the Option Markets , University of Zurich, April 2010, online at. 11 Nafeez M Ahmed Geheimsache 09 11 Hintergrnde ber den 11 September und die Logik amerikanischer Machtpolitik , Goldmann Verlag, Munich, 2004, page 182 Translated back into English from German. 12 Compare Michael C Ruppert Crossing the Rubicon , page 244 247. 13 Wing-Keung Wong, Howard E Thompson und Kweehong Teh Was there Abnormal Trading in the S P 500 Index Options Prior to the September 11 Attacks , published at Social Sciences Research Network, April 2010, under. 14 Compare Bank of America among 38 stocks in SEC s attack probe , published at Bloomberg News on October 3, 2001, archived under. 15 Michael C Ruppert Crossing the Rubicon , page 243. 17 Suppressed Details of Criminal Insider Trading Lead Directly into the CIA s Highest Ranks , published at From the Wilderness on October 9, 2001 under. 18 Compare Early September 2001 Almost Irrefutable Proof of Insider Trading in Germany , published at History Commons under. 19 Allen M Poteshman Unusual Option Market Activity and the Terrorist Attacks of September 11, 2001 , published in The Journal of Business, University of Chicago Press, 2006, Vol 79, Edition 4, page 1703-1726. 20 Wing-Keung Wong, Howard E Thompson und Kweehong Teh Was there Abnormal Trading in the S P 500 Index Options Prior to the September 11 Attacks , see endnote 13. 21 Ibid The authors refer to Erin E Arvedlund Follow the money terrorist conspirators could have profited more from fall of entire market than single stocks , published in Barron s on October 8, 2001. 22 Wong, Thompson, Teh Was there Abnormal Trading in the S P 500 Index Options Prior to the September 11 Attacks. 25 Marina Alcaraz 11 septembre 2001 des volumes inhabituels sur les options peu avant l attentat , published in Les Echos, page 34, September 10, 2001, online at. 26 Marc Chesney, Remo Crameri and Loriano Mancini Detecting Informed Trading Activities in the Option Markets , see endnote 10. 30 Compare Marc Chesney, Remo Crameri and Loriano Mancini Detecting Informed Trading Activities in the Option Markets , published at the University of Zurich on September 7, 2011 under. 31 Vgl Lars Schall Sapere Aude , German Interview with Dr Daniele Ganser, published at on August 18, 2011 under. 32 Compare a copy of the letter by the SEC on under. 33 Compare related to this agreement Matt Taibbi Is the SEC Covering Up Wall Street Crimes , published at Rolling Stone on August 17, 2011 under. 34 Mark H Gaffney Black 9 11 A Walk on the Dark Side , published at Foreign Policy Journal on March 2, 2011 under. 35 Compare Peter Dale Scott Launching the U S Terror War the CIA, 9 11, Afghanistan, and Central Asia , The Asia-Pacific Journal, Vol 10, Issue 12, No 3, March 19, 2012, online at. 35 Erik Kirschbaum German Firm Probes Last-Minute World Trade Center Transactions , published at Reuters on December 19, 2001, online at. 38 Michael C Ruppert Crossing the Rubicon , page 244. 39 Ibid page 423. 40 Ibid page 423 426. 41 Commission Memorandum FBI Briefing on Trading , dated August 18, 2003, page 12, online at. 42 Lars Schall 9 11 Was A Fantastically Profitable Covert Operation , Interview with Catherine Austin Fitts, published at on September 3, 2011 under. 43 Ibid Compare further related to the cui bono topic Catherine Austin Fitts 9-11 Profiteering A Framework for Building the Cui Bono , published at GlobalResearch on March 22, 2004 under. 44 Lars Schall 9 11 Was A Fantastically Profitable Covert Operation , see endnote 42. 45 Compare Bank of America among 38 stocks in SEC s attack probe , see endnote 14 A Raytheon option that makes money if shares are more than 25 each had 232 options contracts traded on the day before the attacks, almost six times the total number of trades that had occurred before that day A contract represents options on 100 shares Raytheon shares soared almost 37 percent to 34 04 during the first week of post-attack U S trading. 46 Compare Barry Grey Suspicious trading points to advance knowledge by big investors of September 11 attacks , published at World Socialist Web Site on October 5, 2001 under. 47 J S Kim Inside the Illusory Empire of the Banking Commodity Con Game , published at The Underground Investor on October 19, 2010 under. Related posts. Re Deutsche Bank Alex Brown and 9 11 Insider Trading I had the feeling that there was one final thing left for me to do regarding my research of informed trading activities.9-11 Insider Trading and Germany s Elusive Gold Reserves Keiser Report Selective Amnesia for Brokers Murderers In the second half of the show Max talks to independent journalist, Lars Schall. Terror Trading 9 11 Terror Trading 9 11 by Lars Schall and Michael Leitner is a video dedicated to the topic of the alleged informed trading activities. Posted in Allgemein. September 11 Put Call. Claim In the days just prior to the 11 September 2001, large quantities of stock in United and American Airlines were traded by persons with foreknowledge of the upcoming 9 11 attacks. Origins On 11 September 2001, four planes were hijacked and used in the Attack on America American Airline s Flight 11 leaving Boston bound for Los Angeles, American Airlines Flight 77 leaving Washington bound for Los Angeles, United Airlines Flight 175 leaving Boston bound for Los Angeles, and United Airlines Flight 93 leaving Newark bound for San Francisco Each of these planes was deliberately crashed, killing all on board two into the World Trade Center towers, one into the Pentagon, and one into a field in Pennsylvania Only the delay in takeoff of UA Flight 93 and the actions of the alerted passengers on board prevented it from becoming yet another instrument of destruction resulting in an even greater loss of life. The operation had taken years to plan, and the perpetrators knew well in advance which airlines would be affected. In the month prior to the 11 September 2001 attacks on the World Trade Center and the Pentagon, unusual trading activity involving American and United Airlines stock was noted by market analysts who at the time had no idea what to make of it Wildly unusual discrep ancies in the put and call ratio 25 to 100 times normal were reportedly observed in stock options of the two airlines In one case, Bloomberg s Trade Book electronic trading system identified option volume in UAL parent of United Airlines on 16 August 2001 that was 36 times higher than usual. Options are wagers that the price of a 100-share block of a particular stock will rise or fall by a certain date Puts are shorts bets the stock price will fall Calls are bets the price will rise Thus, one who has reason to believe a particular company is about to suffer a terrible reversal of fortune would purchase puts against that entity s stock. But it was during the final few trading days the market closes on weekends that the most unusual variances in activity occurred Bloomberg data showed that on 6 September 2001, the Thursday before that black Tuesday, put-option volume in UAL stock was nearly 100 times higher than normal 2,000 options versus 27 on the previous. On 6 and 7 September 2001, the Chicago Board Options Exchange handled 4,744 put options for United Airlines stock, translating into 474,000 shares, compared with just 396 call options, or 39,600 shares On a day that the put-to-call ratio would normally have been expected to be roughly 1 1 no negative news stories about Un ited had broken , it was instead 12 1.On 10 September 2001, another uneventful news day, American Airlines option volume was 4,516 puts and 748 calls, a ratio of 6 1 on yet another day when by rights these options should have been trading even No other airline stocks were affected only United and American were shorted in this fashion. Accelerated investments speculating a downturn in the value of Morgan Stanley and Merrill Lynch two New York investment firms severely damaged by the World Trade Center attack were also observed. The National Commission on Terrorist Attacks Upon the United States also known as the 9 11 Commission investigated these rumors and found that although some unusual and initially seemingly suspicious trading activity did occur in the days prior to September 11, it was all coincidentally innocuous and not the result of insider trading by parties with foreknowledge of the 9 11 attacks. Highly publicized allegations of insider trading in advance of 9 11 generally rest on reports of unusual pre-9 11 trading activity in companies whose stock plummeted after the attacks Some unusual trading did in fact occur, but each such trade proved to have an innocuous explanation For example, the volume of put options instruments that pay off only when a stock drops in price surged in the parent companies of United Airlines on September 6 and American Airlines on September 10 highly suspicious trading on its face Yet, further investigation has revealed that the trading had no connection with 9 11 A single U S - based institutional investor with no conceivable ties to al Qaeda purchased 95 percent of the UAL puts on September 6 as part of a trading strategy that also included buying 115,000 shares of American on September 10 Similarly, much of the seemingly suspicious trading in American on September 10 was traced to a specific U S - based options trading newsletter, faxed to its subscribers on Sunday, September 9, which recommended these trades The SEC and FBI, aide d by other agencies and the securities industry, devoted enormous resources to investigating this issue, including securing the cooperation of many foreign governments These investigators have found that the apparently suspicious consistently proved innocuous. Last updated 11 December 2005.Sources Carpenter, Dave Option Exchange Probing Reports of Unusual Trading Before Attacks The Associated Press 18 September 2001.Schoolman, Judith Probe of Wild Market Swings in Terror-Tied Stocks New York Daily News 20 September 2001 p 6.Toedtman, James and Charles Zehren Profiting from Terror Newsday 19 September 2001 p W39.
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